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Valued Member
mindacid
Posts: 44
Registered: ‎02-28-2011
0

Re: Capital One - OMG!!!!!!

[ Edited ]

I agree with the comments that the likelihood of receiving a CLI depends on the particualr variety of card you have.

I experienced this a number of years ago when I got a secured Capital One classic visa with a $300 CL.  It was evenutally unsecured but I don't think I ever got a CL above $500 on it.  Later, I applied for a second Capital One visa that was more of a prime product and that went from $1,000 to $3,600 in little over a year. 

 

For as much as people pick on Capital One, I've had a positive experience.  I lost my job a number of years back, and I burned them with precisely those two cards I mentioned.   Fast forward to know, they have recently given me a No Hassle Rewards MC, despite my previous hiccup.

 

Regarding CLs and CLIs,  I think it's all about identifying the product you have and setting the right expectations accordingly.   If you have a starter/rebuilding card, understand that's what it will always be and apply for a prime card when your credit has matured.  That goes for Capital One starter/rebuilder cards and other similar cards such as Orchard/Household/HSBC.  I just recenlty dumped my $400 CL Best Buy Reward Zone MC.  That thing was a turkey and was never going to grow.

Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
0

Re: Capital One - OMG!!!!!!


Mustanglvr2006 wrote:

tinuviel wrote:

Mustanglvr2006 wrote:

That is amazing!!!!

 

Was this a starter card to begin with? I assume not with a CL of 1400 to begin with.

 

It only took them 12 years to give you a CLI.

 

I'm so happy for you but, IMO Cap1 still is the worst CCC out there.

 

I know when I apped for my Cap1 CC last year when I was rebuilding it would never be a "Prime" CC, but after one year with them and I have run tons of money thru my 500CL CC and PIF every month that they might show a little love (250CLI?? 500CLI??) Nothing. And I'm not waiting around for 12 years, and besides I'd never get the CLI you did with my rebuilder card.

 

Where I'm at now with my credit and the "Prime CC's I have now with high CL's, even if Cap1 gave me an increase from 500 to 1000 I will still cancel the card in July, One year one month old.

 

I have no use for a Cap1 CC with a 1000CL and a 39AF 18.99APR.

 

But for you I am sincerely happy, and I believe you deserve it!!


It was kind of a rebuilder card of sorts. As I've mentioned in other threads, I was very irresponsible when I was young and ruined my credit. I restarted in the 90s with a Cap1 secured card. I did well with it and they offered me an unsecured card -- the Visa with a 1400 CL. I closed the secured card. I also got a FP with a 500 CL that NEVER moved; I finally closed it a couple of months ago. I also got a couple of other rebuilders.
The Cap1 stayed at 1400 because I didn't really understand how util affected scores. I would use the rebuilder cards and close the monthly statement with a good chunk of my avail credit used up. I then PIF, thinking that I was doing fine. But then I would never get approved for prime cards, and I couldn't understand why. I got very frustrated. Then we were hit with hurricanes two years in a row. It affected our finances, I fell behind, lates started to show up on my reports, etc.......  A couple of the rebuilders had grown to ok-ish CLs ($1900, $1400, $3200), but were cancelled due to the lates and close to and/or overlimit history. I felt like I was going to be stuck in subprime h*ll forever and became very, very discouraged. I managed to hang on to the Cap1 and FP, paid them in full, and am almost completely done with paying off the cancelled cards. By the end of next month, I will be 100% free of consumer debt! 
Now I'm seeing much more than light at the end of the tunnel. This is my second attempt at rebuilding, and I believe that this time I'm going to make it. I now have a much, much better understanding of how credit works, thanks in very large part to these forums. My finances are under control and I'm seeing positive results from my efforts. Between the Amex approval last month and the Cap1 CLI, I'm FINALLY starting to feel creditworthy once more. These have been huge milestones for me!

That was a very heart warmimg story tinuviel, I'm so happy for you, you seem to be on the perfect track now, and I wish you all the success in the world.

 

I don't know you, but I feel very proud of you, and YOU should feel very proud of yourself, you have done a wonderful job, I would like to shake your hand and say congratulations, but since I can't do that, I want to tell you, CONGRATULATIONS my Friend, keep on keeping on, and you will be where you want to be before you know it.

 

Thank you for sharing that story with all of us, you are an inspiration to myself and I'm sure to many others here at MyFico as well.


Thank you so much for your kind words, Mustanglvr2006. That really means a lot to me. These forums have provided not only a wealth of information, but also a kind, supportive environment. This can be a very difficult subject to discuss, and outside of my family, there are only a couple of friends with whom I am comfortable talking about my finances. It feels so good to be able to come here and not only find useful, practical information, but also be able to sort through things in an atmosphere of encouragement. Rebuilding is difficult on both a practical and emotional level, so I would like to express my sincere appreciation to you and the other forum members that have been there to share this journey. This has been a life changing experience.

 

And to others who may be in the process of rebuilding.... If I can do it, so can you! Patience, persistance, determination and education about credit related matters all help. Get educated, put a plan in place, and stick with it. Good things will eventually come!


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011
0

Re: Capital One - OMG!!!!!!

I've asked about doing  PC to a rewards card, but they said there weren't "any offers available" on my account for it. But I did hear that they won't combine cards or anythig like that anymore, so I'm not going to get my hopes up about any kind of rewards. The feeling I get is that if you want a better (rewards) card, they want you to app for another one, they won't convert your current card(s).

I could be wrong! But it seems like even their 'senior' account specialists really have no power to do anything.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
Regular Contributor
howhow16
Posts: 126
Registered: ‎01-31-2010
0

Re: Capital One - OMG!!!!!!

Congrats man! you're the first person I know after me got the cli, I also got a 5000cli this month as well and I am really happy for you! =) 

enjoy this card! cheers! 

Regular Contributor
tengtengvn
Posts: 248
Registered: ‎01-18-2009
0

Re: Capital One - OMG!!!!!!

Congrats!!! Nice CLI.

 

Even they give me $5000, I don't think I will use it since I have many better cards to use. But it's embarrassing when the FO looks at my credit report & see that tiny CL of $750.

What's in your wallet?
-Not Capital One.
Regular Contributor
howhow16
Posts: 126
Registered: ‎01-31-2010
0

Re: Capital One - OMG!!!!!!

dear OP, did you use your card a lot or you just let it sit there with a few charges each month? 

Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
0

Re: Capital One - OMG!!!!!!


howhow16 wrote:

dear OP, did you use your card a lot or you just let it sit there with a few charges each month? 


Well, I went through quite a transition in terms of usage. For instance, for the entire year of 2009, I didn't place a single charge on the card. Not one. It was maxed out and/or OL the entire year. I did nothing but make minimum payments while being eaten alive by interest. Last year I finally decided that I was sick of making monthly payments on nothing but interest and OL fees; I felt like I was throwing money down the toilet.

 

Starting in June of last year I started paying it off more aggressively, and by November I celebrated seeing a 0 balance on my account, for the first time in years! In October, I had received a Cap1 rewards MC, so most of my charges were placed on that so that I could receive the cash back -- and I made certain to ALWAYS PIF so that I didn't slide back into the debt trap I had just worked so hard to get out of.

 

So, my Visa card saw very light usage. I did occassionally have the need to make a larger purchase than what my then 500 CL on the MC could accommodate. So, instead of using my debit card, I put it on the Visa so as to continue giving Cap1 some business, and then turned around and paid it off. My rule became: only put things on my cards that I could afford to pay off immediately. Concurrently, I began to put some money away in savings so that if an emergency arose, I could use the cards to tender payment, but have funds available to pay off the charges.

 

I do have my account for bridge tolls (travel) linked to the Visa card, so it automatically gets charged $20 more or less monthly. This way I make certain that it gets activity on a regular basis. But, I don't put the bulk of my charges on it since it doesn't give me any rewards. If Cap1 ever allows me to add rewards to this card, that would really be icing on the cake!


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Contributor
Hopelives2
Posts: 199
Registered: ‎04-30-2011
0

Re: Capital One - OMG!!!!!!

Congrats!!!!!  :smileyvery-happy:

 

Very envious and very happy for you !!

Super Contributor
CS800
Posts: 6,552
Registered: ‎04-07-2008
0

Re: Capital One - OMG!!!!!!

[ Edited ]

Congrats !!!

 

Doing the happy dance for you :smileyhappy:

 

I have a dream that one day, my cap one vanilla card, will graduate from it's $1100 limit that I have had in 3 years to something bigger. I was at 97% util but paid it about 2 months ago down to $40 just to keep some revolving balance.




Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
0

Re: Capital One - OMG!!!!!!


CS800 wrote:

Congrats !!!

 

Doing the happy dance for you :smileyhappy:

 

I have a dream that one day, my cap one vanilla card, will graduate from it's $1100 limit that I have had in 3 years to something bigger. I was at 97% util but paid it about 2 months ago down to $40 just to keep some revolving balance.


Keep doing what you're doing, and in a few months perhaps you, too, will be doing the happy dance! :smileyhappy:

 

Thanks to everyone in this thread for your kind words and congratulations. I do appreciate it!


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k

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